MEO Australia Limited Stock Market Press Releases and Company Profile
Marina-1 Oil Resource Upgrade
Marina-1 Oil Resource Upgrade

Melbourne, Mar 25, 2013 AEST (ABN Newswire) - MEO Australia Limited (googlechartASX:MEO) (OTCQX:MEOAY) advises that it has updated its assessment of the discovered and the prospective resources associated with the Marina gas and probable oil discovery in its 100% owned WA-454-P, in the Joseph Bonaparte Gulf, offshore Western Australia. The revised assessment is based on the high quality Floyd 3D seismic data acquired in 2012. Resource classifications used are consistent with the independent assessment based on 2D seismic and well log data as summarised in the ASX release dated 29th February 2012.

Contingent resources for the Marina discovery have increased significantly at all confidence levels. The drivers for the upgrade include:

- The realization that Marina-1 was drilled at a non-crestal location, leaving a significant attic up dip of the Marina-1 location.

Larger column heights due to this attic coupled with better imaging and velocity control yielded significantly larger areal extent for some of the deeper horizons.

Marina-1 ceased drilling while still in structural closure, with deeper prospective horizons remaining untested. This prospective interval is collectively termed the Marina Deep prospect. The target intervals were intersected in Lesueur-1 well (25 km SE) and found to be of excellent quality.

A Technical Supplement outlining the resource assessment in more detail is included on the MEO website on the "Projects" page under "Joseph Bonaparte Gulf Exploration".

MEO's CEO and MD Jürgen Hendrich, commented on the announcement:

"The material upgrade to contingent gas and oil resources at Marina together with the assessment of significant untested deeper potential represents the culmination of many months of high quality technical work by our technical team and vindicates the value of 3D seismic.

The recent activity in the Northern Territory gas market highlights the significant unmet demand for gas in the domestic market and the potential for new sources of gas to meet that market. Marina has the benefit of having liquids rich gas and potentially commercial oil in two of the five hydrocarbon bearing reservoirs intersected by Marina-1. These attributes combine to greatly increase the commercial attraction of the gas resource required to underpin a commercial development relative to a dry gas resource.

We are currently seeking a funding partner to assist with appraising the assessed upside potential of the existing discovered resource as well as testing the deeper potential at Marina. A successful appraisal program has the potential to advance Marina towards commercial development."

Background

MEO was awarded WA-454-P on 14th June 2011 as part of the 2010 gazettal round. The Permit contains the 2007 Marina discovery.

MEO acquired the 601 km2 Floyd 3D seismic survey over the Marina discovery, the Breakwater prospect and two additional leads in early 2012. Final processed products were delivered towards the end of 2012.

The resource assessment has been carried out using the definitions and guidelines set out in the 2007 Petroleum Resources Management System prepared by the Oil and Gas Reserves Committee of the Society of Petroleum Engineers (SPE) and reviewed and jointly sponsored by the World Petroleum Council (WPC), the American Association of Petroleum Geologists (AAPG) and the Society of Petroleum Evaluation Engineers (SPEE).

For tables and figures, please visit:
http://media.abnnewswire.net/media/en/docs/ASX-MEO-387596.pdf

Contact

MEO Australia Limited
T: +61-3-8625-6000
F: +61-3-9614-0660
E: admin@meoaustralia.com.au
WWW: www.meoaustralia.com.au



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